Turtle Breakout Follow-through – Bullish

Developed at Definedge

Turtle breakout is one of the most popular trading systems.

The bullish turtle breakout method occurs when price breaks out of a column based on the last 5 or a period selected by the user.

The column in a P&F chart represents a swing move. A column in a P&F chart may contain multiple sessions.

By analysing the price crossing the high of multiple columns, rather than the high of a specific period that we define, the number of sessions will be dynamic and determined by the price pattern.

A turtle break-out method uses five ‘X’s as a default period. In each of the five columns, there will be multiple sessions. A turtle breakout method has been incorporated into the P&F chart.

A bullish turtle breakout followed by a bullish double top buy pattern is called a bullish turtle breakout follow-through pattern. This pattern confirms the initial bullish turtle breakout pattern and indicates that the bulls are strong. Additionally, it provides an affordable bullish trade opportunity.

This concept was introduced by Prashant Shah in his book on P&F charts.

Click here to learn more about the pattern.

This pattern is useful on Relative strength chart as well.

Click here to know about original Turtle breakout method.

This pattern can be plotted on the chart by adding it from the Add study menu in TradePoint & Patterns in RZone. The pattern is also available in the System Builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.